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6) Calculation Results
Programs & Rates
The two main HECM programs available are the variable-rate and the fixed-rate. The total financed interest rate is composed of the initial interest rate (IIR), and FHA's annual mortgage insurance called MIP. (Links open in new tab).
Loan program:
Interest rate index:
Initial interest rate (IIR):
Mortgage insurance (MIP):
Payoffs & Costs
The principal limit (PL) is the total amount for which you qualify. Existing mortgages and closing costs, including IMIP, origination, and third party closing costs, are paid out of the PL. The remainder can be allocated to lump sum, line of credit (LOC), and term or tenure payments. (Links open in new tab).
Principal limit:
Mortgage payoff:
Third party closing costs:
Net principal limit:
Lump Sum/Line of Credit (LOC)
The variable-rate HECM offers proceeds as lump sum, line of credit (LOC), or term or tenure payment. Depending on the net principal limit amount, only a portion of the lump sum and/or line of credit may be available for the first year. The fixed-rate HECM offers only a lump sum payout. (Links open in new tab).
Lump sum/line of credit at closing:
Add'l line of credit after one year:
Savings & Added Income
Both the variable-rate and fixed-rate HECMs can eliminate existing mortgage payments. Only the variable-rate HECM can add additional term or tenure payments. (Links open in new tab).
Mortgage payment savings:
Additional income:
Click for FREE HECM Calculator
For informational purposes only. MyHECM.com is not a lender and this is not a formal quote or commitment to lend. Lender-quoted benefit amounts and closing costs will likely vary.

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Age (youngest borrower):
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Total principal & interest payment(s):


How to receive the funds?

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